Vitro America's assets sold to American Glass for $55.09 million bid

By Lisa Kerner

Charlotte, N.C., June 13 - Vitro America, LLC's sale of its assets to American Glass Enterprises, LLC for $55.09 million was approved, according to a Monday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, American Glass submitted the winning bid at auction, while Grey Mountain affiliate and stalking horse bidder Vitro America Acquisition Corp. presented the second highest offer for the assets.

Vitro America Acquisition agreed to a $44 million stalking horse bid in April.

Vitro is a Nuevo Leon, Mexico-based glass manufacturer. An involuntary bankruptcy case was filed against its U.S. subsidiaries on Nov. 17, 2010. An order of relief was entered for some of the subsidiaries on April 6, and they have since been operating as debtors-in-possession. The Chapter 11 case number is 11-32600.

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